COMEX Gold: Bulls Struggling Near The USD1,815.70 Resistance

Keep long positions. The COMEX Gold stuggled to move up yesterday after having written off almost all the intraday profits to close just USD2.10 higher at USD1,810.90 – still below the immediate resistance.

It opened at USD1,812.10 and then gradually moved higher towards the USD1,821.60 day’s peak. However, strong selling pressure shifted the direction southwards during the early US trading session, which saw the yellow metal fall towards the USD1,805.50 day’s bottom before rebounding mildly at the close.

COMEX Gold:  Bulls Struggling Near The USD1,815.70 Resistance

That said, strong buying pressure is needed to pass through the immediate resistance level. If that happens, strong bullish momentum remains in the medium term.

“Meanwhile, we expect the COMEX Gold to trade sideways between USD1,815.70 and USD1,800 before propelling higher. With that, we retain our positive trading bias,” says RHB Research.